EQS-News: Blue Cap AG: Successful sale of Neschen Coating GmbH above net asset value valuation
EQS-News: Blue Cap AG
/ Key word(s): Disposal/Investment
Successful sale of Neschen Coating GmbH above net asset value valuation
Munich, October 08, 2024 – Blue Cap AG (“Blue Cap”) signed an agreement on the sale of its 100% stake in Neschen Coating GmbH (“Neschen”). The buyer is ATP adhesive systems AG (“ATP”), a strategic investor. The total proceeds (before taxes) are in the double-digit million range and around 10% above the net asset value valuation as of June 30, 2024. The sale of the company corresponds to an annual return on invested capital (internal rate of return) of around 44% and means a multiple on the capital invested of around 8x. Neschen offers products for a wide range of applications in the fields of graphic media and laminators, book protection and repair as well as (individual) solutions for industrial applications, e.g. in electronic products. The customer base includes industrial companies with a need for industrial surface applications, companies in the graphic arts sector as well as libraries, archives and museums. Successful development and comprehensive turnaround in 2023 Blue Cap acquired Neschen, based in Lower Saxony, from insolvency in 2016 and has since developed the company further with targeted transformation measures. In recent years, particular attention has been paid to expanding the Industrial Applications division. The successful turnaround in 2023, which put Neschen back on a profitable growth path, was a significant milestone in the company's development. The measures essentially included cost efficiency measures, streamlining the product range and intensifying working capital management. Thanks to the consistent implementation of these initiatives, Neschen has seen a clear upward trend in its key operating and financial figures in recent quarters. Dr. Henning von Kottwitz, CEO of Blue Cap, comments: “I am very pleased that we are able to sell Neschen to a suitable strategic investor in a challenging economic environment. This sale implements our best owner approach and is a consistent and value-generating step for Blue Cap. With this exit, our shareholders benefit from the increase in value that we have been able to achieve at Neschen in recent years.” Henning Eschweiler, COO of Blue Cap, adds: “The successful turnaround last year formed the basis for the sale today. This is a strong proof of our expertise in turnaround and value creation. We wish the entire Neschen team all the best for the future.” Nils A. Honscha, Managing Director of Neschen, emphasizes: “Blue Cap has supported us very closely and in a spirit of partnership over the last few years. We are grateful to the entire team for their strategic support and valuable expertise, which has enabled us to significantly strengthen our market position.” Guidance adapted to continued operations The sale of Neschen announced today is Blue Cap's second exit this year. Just a week ago, it announced the sale of the portfolio company nokra. The proceeds from the sale also open up the possibility of investing in new portfolio companies: Blue Cap is focusing in particular on companies in special situations that offer high potential for value creation. Blue Cap's management is currently examining several promising takeover candidates. Taking into account the transaction and the current business development, Blue Cap adjusts its guidance for the full year 2024. Weaker revenue development in some segments is faced by a better than expected result guidance, in particular for con-pearl. For the continuing operations, the Management Board now expects consolidated revenue for the full year 2024 in a range of EUR 200-220 million (previously EUR 270-290 million) and an adjusted(1) EBITDA margin of 9.5-10.5% (previously 8.5-9.5%).
(1) Adjustments: Adjusted for extraordinary, out-of-period and other effects from reorganization measures and one-off effects
About Blue Cap AG Blue Cap AG is a Munich-based investment company founded in 2006 and listed on the capital market. The company acquires medium-sized companies from the B2B sector in special situations and supports them in their entrepreneurial development with the aim of selling them profitably at a later date. The acquired companies are headquartered in the DACH region, generate sales of between EUR 20 and 200 million and have a sustainably stable core business. Blue Cap mostly holds majority stakes in eight companies from the Adhesives & Coating Technology, Plastics Technology, Production Technology, Life Sciences and Business Services sectors. The Group currently employs around 1,200 people in Germany and other European countries. Blue Cap AG is listed on the open market (Scale, Frankfurt and m:access, Munich; ISIN: DE000A0JM2M1; ticker symbol: B7E). www.blue-cap.de Contact: Blue Cap AG
08.10.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Blue Cap AG |
Ludwigstraße 11 | |
80539 München | |
Germany | |
Phone: | +49 89-288 909 0 |
Fax: | +49 89 288 909 19 |
E-mail: | ir@blue-cap.de |
Internet: | www.blue-cap.de |
ISIN: | DE000A0JM2M1 |
WKN: | A0JM2M |
Indices: | Scale 30 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 2003395 |
End of News | EQS News Service |
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2003395 08.10.2024 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
The most important financial data at a glance | ||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
Sales1 | 176,11 | 225,67 | 232,00 | 267,35 | 347,51 | 273,32 | 284,00 | |
EBITDA1,2 | 11,52 | 15,01 | 34,47 | 25,41 | 30,30 | 15,18 | 25,80 | |
EBITDA-Margin3 | 6,54 | 6,65 | 14,86 | 9,50 | 8,72 | 5,55 | 9,09 | |
EBIT1,4 | 6,60 | 4,65 | 21,37 | 7,82 | 16,96 | -13,51 | 0,00 | |
EBIT-Margin5 | 3,75 | 2,06 | 9,21 | 2,93 | 4,88 | -4,94 | 0,00 | |
Net Profit (Loss)1 | 4,62 | 2,82 | 16,49 | 4,72 | 10,44 | -20,28 | 0,00 | |
Net-Margin6 | 2,62 | 1,25 | 7,11 | 1,77 | 3,00 | -7,42 | 0,00 | |
Cashflow1,7 | 0,28 | 1,84 | 12,60 | 12,44 | 16,99 | 19,60 | 0,00 | |
Earnings per share8 | 1,16 | 0,71 | 4,15 | 1,24 | 2,78 | -4,02 | 0,70 | |
Dividend per share8 | 0,75 | 0,75 | 1,00 | 0,85 | 0,90 | 0,65 | 0,80 |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Deloitte
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INVESTOR-INFORMATION | ||||||
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Blue Cap | ||||||
WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
A0JM2M | DE000A0JM2M1 | AG | 70,43 Mio € | 10.10.2006 | Kaufen | 8FWH4HWH+28 |
PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
11,63 | 16,68 | 0,70 | 9,04 | 0,87 | 3,59 | 0,26 |
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
0,90 | 0,65 | 0,80 | 5,10% |
Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
24.06.2024 | 08.05.2024 | 22.08.2024 | 23.10.2024 | 30.04.2024 |
Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
-5,40% | -11,45% | -11,30% | -10,29% | +223,71% |
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